UK banks are required to refund consumers who have unnecessarily purchased PPI as part of a loan to finance their home, vehicle and even credit cards. Mortgage companies, car dealerships and credit card companies sold PPI to consumers to reassure themselves of being paid if the consumer lost their job because of a lay off or medical condition. Banks are now authorized to contact customers so they can reclaim PPI money that they paid if it was sold unknowingly or unnecessarily, although they often do not.
How can a consumer make a PPI claim? Many people don’t know how to file for a PPI claim or refund and there are finance service vendors who can help. Before hiring a finance service to help there are useful tips to hire one who can help without spending a lot of money. Your research can be done online easily if you know what to look for. How can you find a finance service vendor to help you file a PPI claim or get a PPI refund?
Become acquainted with the company’s history. How long have they been in business? How many consumers have they helped?
- Are their representative’s experts in this field? Are they properly certified or licensed to help consumers file PPI claims?
- Read customer reviews to see if they were satisfied with the service. Was the company successful in filing a PPI claim? Was the consumer compensated accordingly? Look at their star ratings. If they haven’t been rated 4 or 5 stars you may want to find another company.
- Will the finance service company assist you in filing for a PPI refund too or is their service restricted to only filing PPI claims?
What are their fees? Do they offer a win/win service? Do you have to pay them if you don’t receive a PPI refund or if they haven’t been successful in helping you in becoming compensated when filing a PPI claim? How much is their fee?
Often PPI does not offer adequate protection that consumers need. Before financing a home or vehicle be sure to read the contract thoroughly so you know if you are purchasing PPI, how much it costs and what the coverage is. If you do not agree that you need it be sure to tell the salesman. If he or she insists that you must purchase it and you don’t agree go somewhere else for your financing. It will save you time, money and headaches in the long run if you have to file for a PPI refund. Never sign a contract without knowing the details stated in the terms and conditions section.